Control of Money Flashcards
Annual Percentage Rate (APR)
The cost of credit as determined in accordance with Regulation Z of the Federal Truth in Lending Act
Closed-End Credit Transaction
A credit extended for a particular period of time and set on a specific amount
Community Reinvestment Act (CRA)
An Act by Congress to help prevent redlining and discrimination by lenders
Consumer Financial Protection Bureau (CFPB)
An independent agency of the federal government that is responsible for consumer protection in the financial sector
Equal Credit Opportunity Act (ECOA)
Federal law prohibiting discrimination in the extension of credit
Fair Credit Reporting ACt
An act that regulates the action of credit bureaus and the use of consumer credit
Federal Deposit Insurance Corporation (FDIC)
A federal insurance program that insures deposits in banking institutions up to $250,000
Federal Reserve System (FED)
The federal central banking system of the United States under the control of a central board of governors; responsible for controlling and regulating the nation’s monetary policy and money supply
Home Ownership and Equity Protection Act (HOEPA)
An amendment to the Truth in Lending Act that addresses abusive practices in refinances and closed-end home equity loans with high interest rates or high fees
Loan Estimate Form
A CFPB-required form from a lender that provides the consumer with good-faith estimates of credit costs and transaction terms
Regulation Z
A regulation pursuant to the Truth-in-Lending Act requiring credit institutions to inform borrowers of the true cost of obtaining credit
TILA-RESPA Integrated Disclosure Rule (TRID)
A CFPB rule that consolidates four existing disclosures required under the Truth in Lending Act and Real Estate Settlement Procedures Act for closed-end credit transactions secured by real property
Truth in Lending Act
A federal statute that requires certain disclosures when extending or advertising credit
